InvestSky, a social investing platform has raised $3.4 million in a pre-seed funding round will now launch in the UAE. The funding round was led by Emkan Capital alongside prominent investors including S3 ventures, Al-Romaizan Family office, Mishal-Al-Mishari, the deputy CEO of Jahez as well as angel investors.
The commission-free social investing platform is tailored to the new generation of investors in the GCC, aiming to make investing inclusive, intuitive and informed.
The platform allows purchase of fractional stocks starting from AED3.67, provides a social community for users to collaborate and provides market intelligence data.
The startup is regulated by the Dubai Financial Services Authority (DFSA) and holds a category 4 license with retail endorsement. The platform also has SIPC insurance through which the user’s trading account with the broker is protected up to $500,000.
Founded in 2021 by Nitish Mittal and Turki Al Shaikh, Mittal built his career workin in tech companies and was part of the foundational team at noon.com. Al Shaikh previously worked in consulting at Deloitte.
“We founded InvestSky on the recognition that retail investors are a hugely influential group across the middle east, yet the offering for them is clearly lagging behind. The region has not scratched the surface when it comes to the engagement and education of retail investors, especially considering the significant purchasing power, high GDP per capita and beneficial demographics. We intend to offer an empowering platform that helps educate our users to make sound investment decisions; powered by socially connected tools that will help build a collaborative community in the region,” said Nitish Mittal, CEO, InvestSky.
“The retail investor services market in the region is still highly untapped. The number of retail investors using fintech solutions grew by more than 180 percent over the past year, in Saudi alone, according to the CMA. Beyond this, we see a big gap in financial inclusion, with female retail investors making up less than 27 percent of investors. We believe that educating our users is key to building a sustainable market by improving both financial literacy and inclusion,” said Turki AlShaikh, co-founder, InvestSky.
“Social investing will transform many elements of the large, fragmented money management market. The reason we chose InvestSky is its passionate founding team who possesses both intelligence and winning attitudes. We also believe in the social impact of raising retail investor awareness of the importance of saving and investing,” said Yousef Al Yousefi, managing partner at S3 Capital.
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